Reverse Mortgage Education
Reverse Mortgages allow a homeowner to convert a portion of the equity in their home into cash. No repayment is required until the borrower(s) no longer use home as their principal residence.
Basic qualifications:
- All borrowers MUST BE 62 years of age, or older
- Must occupy the home as your principal residence
- No credit, income or health requirements to qualify
- Social Security and Medicare benefits are not affected
- No Taxes on cash drawn from reverse mortgage
- No restrictions on funds usage
- Property title stays with you
- You may sell your home at any time without any penalties
- No repayment for as long as you occupy your home
Click here to read “Top Ten Things to Know if You’re Interested in a Reverse Mortgage”
Click here to read “Use Your Home to Stay at Home™ A Guide for Older Homeowners Who Need Help Now”
HUD information on preparing for your counseling session :
http://www.debt-mgt.org/Pdfs/Mortgages/PreparingForYourCounselingSession.pdf
Bi-Lingual Counselor on Korean, and translator available on Chinese, Vietnamese, Filipino and Spanish
Contact us to make an appointment for an educational session.
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